Based on exclusive information from Finanz-Szene, Fidor Bank is to be liquidated by mid-2024.
Six years after the takeover, the major French bank BPCE, which holds the shares in Fidor, is thus drawing a line under a years-long strategic adventure with accumulated losses in the mid-three-digit million range.
Operationally, Fidor Bank‘s business never ran as it should have, and BPCE had to spend money itself to compensate for the losses of the acquired company.
In 2020, BPCE had announced that it would sell Fidor Bank to financial investor Ripplewood. However, the deal was never consummated. Only the IT division – spun off as Fidor Solutions – was sold to French group Sopra Steria.
New customer business is reported to be discontinued, and existing customers are to be terminated from the beginning of 2023. According to information from the technology and consumer portal “Chip”, the FinTech company had already begun to terminate customers across the board in October. BPCE is said to have unsuccessfully sought to sell Fidor.
Employees were informed at a town hall meeting on Wednesday (09.11.2022).
Leave a Reply